• Mythical Games has filed a lawsuit against three former executives, Chris Ko, Matt Nutt, and Rudy Koch, for breaching fiduciary duty while employed at the firm.
• The lawsuit claims that the executives stole the company’s plans for raising capital and funneled $150 million into their new firm, Fenix Games.
• Mythical is suing Ko, Nutt and Koch on 10 counts and is seeking the return of the stolen funds, as well as compensatory and punitive damages.

Mythical Games recently filed a lawsuit against three of its former executives, Chris Ko, Matt Nutt, and Rudy Koch, for breaching fiduciary duty while employed at the firm. According to the case filed Thursday, the three executives allegedly stole the company’s plans for raising capital and funneled $150 million into their new firm, Fenix Games, while still employed by Mythical.

The lawsuit claims that the three executives, who served as Senior Vice President, Chief Operating Officer and head of games, and co-founder of Mythical Games, respectively, had been tasked with acquiring investors for Mythical’s venture capital wing, Mythical Ventures. After each separately announced their departure from the firm in November, the executives announced that Fenix Games had raised funds from Cypher Capital, a lead investor the executives had previously been working with to obtain capital for Mythical Ventures.

In response to the lawsuit, Nate Nesbitt, head of communications at Mythical Games, said, “We believe very strongly in the protection of our intellectual property and corporate assets. In this instance, it was necessary to take these steps to rectify this situation and protect the company’s corporate interest, as is our duty to our employees and investors.”

The lawsuit against Ko, Nutt, and Koch is seeking the return of the stolen funds, as well as compensatory and punitive damages. The lawsuit includes 10 counts of fraud and breach of contract and also requests that the executives refrain from using the stolen funds.

This lawsuit comes shortly after Mythical Games raised $150 million in a Series C round led by crypto VC Andreessen Horowitz (a16z). However, last month, the firm let go 10% of its staff, citing the current crypto winter as a catalyst for the layoffs. Fenix Games did not respond to CoinDesk’s request for comment by publication time.